*•: k- 




§ LIBRARY OF CONGRESS, \ 

Chap... ..M^L.111S 
Shelf . i A ' 



UNITED STATES OF AMERICA. 



ADDEESS OF ME. EDWABD ATKINSON 

ON 

THE EXPOET OF COTTON GOODS, 



At the Meeting of the New England Cotton Manufacturers' 
Association, April 26, 1876. 






Gentlemen : — I have been requested to speak to you to-day 
upon the subject of the export of cotton goods. When the 
suggestion was first made, I intended only to prepare myself to 
give you a few bare facts, and to present to you some samples of 
English and French cotton fabrics ; but when I took up the case, 
I reached certain results which have surprised me, and which, I 
am sure, will greatly interest you. I shall treat the subject in a 
broad way, and shall make no apology if I take up more of your 
time than you perhaps expect. I shall be forced to bring in the 
question of the tariff, not in the way of contention, but simply 
because tariff is another name for taxation, and the different 
modes of taxation prevailing in Great Britain and the United 
States form one of the essential factors in our power to make 
goods for export. 

J shall use statistics, and while I am perfectly aware that 
statist es may be made to prove almost anything that one desires 
to prove, yet, rightly and judiciously used, they are sure guides 
if applied to long periods and not to immediate acts. 

The first question which presents itself, is, Why is this matter 
of exports so vitally important at this time? The common 
answer will be, that there are too many spindles, and an over- 
production of cotton cloth. 

I undertake to say, and shall attempt to prove, that this 
answer is erroneous, and that if we gauge our present possible 
product by periods when this country was in a normal condition, 









and was not suffering from removable causes of depression, our 
present product of other goods than print cloths is not even up 
to its normal standard. The difficulty under which we now 
suffer is a restricted home consumption, brought about in part 
by an economy that is enforced by want of means, but in much 
greater degree growing out of a universal spirit of economy 
pervading all classes and causing a reduction of consumption on 
the part of vast numbers of persons who are not forced thereto, 
but who imagine that there will presently come a time when 
they can do better than to buy now. I doubt if there are ten 
men amongst us all here present who are not wearing some old 
garments which in ordinary times we should have discarded and 
which we could perfectly well afford to discard now. Few 
persons realize the immense effect of such a spirit of saving or 
not buying at the usual season. We have in Massachusetts 
about 1,650,000 people, and the value of all the capital of 
Massachusetts— that is to say, the value of all the mills, rail- 
roads, works, dwellings, warehouses, furniture, and of all the 
goods, wares, merchandise and stock in process in the State 
(of course omitting the land, which man did not make) — does 
not exceed $600 per head, about $1,000,000,000 in all. On 
the other hand, our annual product is $300 a head. We have 
accumulated two years' product in a century, and that is all. 
Now, suppose a spirit of economy or want of confidence in the 
future suddenly pervades the whole community, — one man puts 
off repairs on his house a year, another man wears his old coat 
another season, one woman mends her old clothes who would 
have bought new, and another patches her old sheets, — sup- 
pose, in short, to use our own terms, we run down the general 
stock in our mills, you can easily see what a cessation in the 
general demand there will be, and what an accumulation of 
supply. But there is a cheerful side ; if our whole stock of 
fixed and quick capital is only equal to two years' product, we 
cannot live upon it long, and the longer we wear our old clothes 
now, the more new clothes must we have presently. 

Now, gentlemen, what is our present production and supply 
of cotton goods? How does it compare with previous years 
when we were prosperous ? How long shall we be compelled 
to find an export market for our surplus, even at cost, in order 
to keep our spindles going ? 



I began to compare population and spindles about the year 
1855, under the tuition of our good old friend, whom we never 
cease to mourn, David Whitman. I have not the exact data, 
as I did not then keep all my figures as I now do, but the 
product was substantially thirty-three yards per head, including 
the proportion exported. 

I continued from year to year to keep the run of the figures, 
and in 1860 the United States census figures were submitted to 
me for correction by Mr. Kennedy, the superintendent, and as 
finally published they were substantially correct in all material 
points. The exception is that I think the relative proportion of 
printing cloths was somewhat understated, but not much. 

The following figures will give you true measures. I omit 
all question of value, because when our money itself is a lie, all 
comparisons based upon its use will be lies. I use only the 
measures of pounds and yards, and omit the measure of dollars 
until we have true dollars to measure with. 

I use an estimate of our present population based on the 
census of about one-fourth of the States, taken by States in 
1875, and I have taken a minimum. Our population was prob- 
ably over 44,000,000 in 1875 ; such is the estimate of experts, 
but as the figures only give 43,500,000 I have taken that esti- 
mate. Immigration is less than during a portion of the last 
decade, but the immigrants who do come have relatively more 
means, and the large sales of land on all the land-grant railroads 
indicate a rapid settlement of new land that must ultimately 
help us greatly. The farmer must of necessity draw around 
him the wheelwright, the blacksmith, and other artisans of like 
kinds, and these are our principal customers. The importance 
of great factories as centres of consumption as well as of 
production is much overrated. All the cotton and woollen 
factories, together with all the iron mines and rolling-mills in 
the United States, employ less than one per cent, of our popu- 
lation ; our great market, both for the farmer and the cotton- 
spinner, is found among farmers, mechanics, railroad employes, 
laborers, and small tradesmen. To-day the farming class is 
the most prosperous in the country, and their welfare must, 
sooner or later, assure that of all who depend upon them. 
Even the South is richer than ever before, but its accumulation 



is more widely diffused, and is in large part invisible because 
privately hoarded ; hence it attracts less attention. 
* In my tables, the points that may be considered established 
and certain, are — 

First. Consumption of cotton in 1860 and 1875. 

Second. Number of spindles in 1860 and 1875. 

Third. Products of cloth in yards in 1860 and 1875. 

Fourth. Population, export and per capita consumption of 
1860. 

The points that are substantially, but not absolutely, sure, 
are — 

Fifth. Population in 1875 and 1876. 
Sixth. Per capita production of cloth. 

The estimates which are tolerably sure, are — 
Seventh. Export of 1875. 

Eighth. The average number of yarn spun, and the yards 
to the pound of the cloth made. 

The estimate which is open to some question, but not much, 
is — 

Ninth. The relative proportion of printing cloths in 1860. 

The deduction which is proved absolutely, and cannot be con- 
tested, is — 

Tenth. That the 'production of cotton fabrics in 1876, other 
than printing cloths, consisting of sheeting, shirting, drills and 
colored goods, is no more, probably less, than it was in 1859 
and 1860, in proportion to the population of the United States. 

Hence I claim that my theory stands proved, that the diffi- 
culty of to-day is not over-production, but restricted consump- 
tion ; and further, I hold that, although it would be very 
unsafe to base any specific operations in goods upon these 
statistics, yet it is also true that within a reasonable time the 
demand will be in advance of the supply, and there will be a 
stern chase between the spindles and the population, — popula- 
tion leading. 

The ratio of spindles to population is now twenty-two per 



head. I think I am safe in saying that if we can secure an 
export of the product of three out of each twenty-two spindles, 
every mill in the country that is in decent order and condition 
will be profitably employed, and thereafter we shall absolutely 
need from 220,000 to 250,000 spindles per year to keep up 
our ratio. 

Gentlemen, these are the facts that will control our industry 
next year. The popular impression is very different, and it is 
the popular impression of to-day that makes the market of to- 
day. It might be safe to buy or build a mill on the basis of 
these statements, while it might be very foolish to buy goods 
upon them. I will now give you the tables. 

I860. 

Population, 31,500,000 

Spindles, 5,235,727 

Cotton consumed, .... 422,704,975 lbs. z=13 t % 2 q lbs. per head. 

Pounds of cotton per spindle per annum, 80| 

Product of goods deducting one-sixth for waste, . . 352,254,146 lbs. 
Yards produced— Printing cloths, . . 272,000,000 
Other goods, . . 876,000,000 

1,148,252,406 

Product for 300 days, 4£ skeins per day of No. 20 yarn. 

Product per head of population — Printing cloths, . . 8.64 

Other goods, . . . 27.81 
Total yards per head, 36.45 

The above statement of consumption of cotton and pounds 
per spindle is from the census ; the delivery of cotton from 
the crop to the mills, as given in the commercial statement, is 
considerably more, but it will be remembered that there was 
a heavy stock of cotton carried over by many corporations 
from 1860 to 1861. There should, however, probably be some 
allowance made, even from the above figures, for the large con- 
sumption of cotton at that time, especially in the South, for 
mattresses, upholstery, and the like. This other use has been 
estimated as high as one-eighth the whole consumption at that 
time. Making a correction of one-eighth in the pounds with- 
out altering the yards, and we have 71 pounds per spindle, and 
an average of about No. 22 yarn, which would prove the return 
made in the census to be substantially Correct, the average 
number there given being a trifle finer, and the yards to the 
pound of goods made about 3\. 



6 



The census statement of yards is as nearly correct as any 
such figures can be, and the result in yards, with which we are 
now chiefly concerned, is — 



Total product per head, 
Export estimated 10 per cent., 
Home consumption per head, 



36.45 
3.65 



32 T Vo yards. 



1875. 

Population estimated, . . " . . . . . . . 43,500,000 

Spindles, 9,539,364 

Cotton consumed, . . . . 576,742,753 lbs.= 13=^0 lbs. per head. 
Pounds cotton per spindle per annum, . . . 60^ 

Product of goods, deducting one-sixth for waste, 480,618,961 lbs. 
Yards produced— Printing cloths, . . 749,000,000 

Other goods, . . . 1,036,000,000 



Product for 300 days, 4 skeins per day, of No. 26 yarn. 

Product per head of population — Printing cloths, 

Other goods, 
Total yards per head, 

Average yards to the pound, 
Total product per head, 
Export estimated 3 per cent., 
Home consumption per head, 



1,785,000,000 




17.21 

23.82 



41.03 
1.23 



41.03 
3.75 

39.80 



This statement again should be corrected in some measure as 
to the pounds per spindle, but there is not as much use of cot- 
ton in upholstery or for other purposes as in 1860. It may be 
assumed that a fair correction would give 56 pounds per spindle, 
the average number of about 28, and the yards to the pound of 
cloth about four ; the yards produced remaining the same. 

In these computations, I have taken no cognizance of the pro- 
duction of batting, wadding, twine and bags, these articles 
being chiefly made from waste. 

The substantial question is, Is the production of cotton fabric 
less in 1876, in proportion to the population, than in 1859 and 
1860? 

According to the data submitted, there were produced, — 

In 1860 : 

Printing cloths all consumed at home, per head, . 8.64 

Sheetings, shirtings and colored goods produced per head, 27.81 
Exported as before stated, . . ... .3.65 

24.16 



Net home consumption, 



32.80 



In 1875 : 

Printing cloths produced, . . . .. . . 17.21 

All other goods, 23.82 

Export estimated, 1.23 

22.59 



Net home consumption, 39.80 

The net product for home consumption in 1875, therefore, 
appears to have been 22.59 yards per head, against 24.16 in 
1860. 

The average population of 1876, will be more than a million 
in excess of 1875, and even allowing for a small understatement 
of the proportion of print cloths in 1860, I think I have sub- 
stantially proved my position, that the production of other 
goods will be less in 1876 than it was in 1860, relatively to the 
population. 

It may be said that the spindles were not worked to their full 
capacity in 1875, and it is admitted that there was some resort 
to short time, but the delivery and consumption of cotton proves 
that it did not«much affect the result, and on the other hand it 
is to be considered that when the cotton mills in Massachusetts 
started up again, it was under the duress of the ten-hour law, 
which is a positive check to our capacity to produce. 

But the case is becoming yet stronger. In the previous 
table I have used an estimate of population considerably less 
than it probably is. 

According to the rule established by Mr. E. B. Elliott of the 
bureau of statistics, one of the most competent men in this 
country, the population of — 

1876 will be 45,316,000 

1877 46,624,000 

It is obvious that there can be no material increase in our 
spindles in these years. The weight of cloth may be heavier, 
but the yards produced in 1876 and 1877 are not likely to 
exceed those of 1875. At the same time, our export is in- 
creasing, and instead of three per cent, it will probably aver- 
age ten per cent, in each of these two years. Upon this basis, 
let us see where we land. 



8 

Assuming our product the same as in 1875, . . 1,785,000,000 
Deduct exports ten per cent., 178,500,000 

Home consumption, 1,606,500,000 

Yards per capita in 1876, 35-^ 

Yards per capita in 1877, S^tuu 

It will thus appear that even including printing cloths our 
production in 1877 will be almost down to the standard of 1860, 
varying less than one yard per head. Since that date, as you 
are all well aware, our own cotton fabrics have taken the place 
of many kinds formerly imported, and cotton cloth has been 
applied to a great many new uses. Printing cloths cannot be 
accounted for by printing machines, but are used in lining up- 
holstery, in backing veneers, in lining trunks and bags, for 
cambrics and for a great variety of purposes, many of which 
are comparatively new. The product of printing cloths is not 
excessive in any normal condition of trade, — and very soon 
they must all be wanted. 

And here we reach this somewhat strange and discreditable 
result. The South is full of cotton, rice and sugar, the West 
is full of grain and meat, the North- West and extreme East are 
overstocked with lumber and wool, the East is glutted with 
goods and wares of all kinds ; each section needs what the 
other has ; men and women suffer from want ; yet the exchange 
of these commodities, which constitutes our inland commerce, is 
restricted and hampered ; all are living from hand to mouth, 
and no constructive work is being done to provide for the future 
need of millions yet unborn. There may be many reasons for 
this, but chief among them is our false, fraudulent and lying 
money, which our legislators are too cowardly or too ignorant 
to make good. It is not often that so great a benefit can be 
compassed by law-makers as now lies in their power, but they 
are not yet equal to the need. We may promote exports, and 
we may, and I firmly believe we shall, see better results from 
our work before the meeting of the Association next April, but 
we shall have no assured stability until we are relieved from the 
curse of bad money. 

The only obstacle to specie payment is a statute of the United 
States establishing and making lawful a false standard of value. 



I now reach at last, the subject assigned to me ; to wit, — 

Expoets. 
The right treatment of the question of exports from this 
country will require some consideration to be given to the pro- 
duction and export of cotton goods in Europe. Of course the 
nation with which we shall come into most direct competition 
will be Great Britain. In regard to Great Britain, my figures 
are taken from Ellison & Co.'s report upon the cotton trade of 
the year 1875, the substance of which will be found in the 
"Economist "of March 11, 1876. 

Statistics for 1875. 

Spindles in Great Britain, 38,122,000 

Cotton consumed, pounds, 1,275,000,000 

Pounds per spindle, 33-^j- 

Product of cloth and yarn, 1,094,490,000 

This product of cloth is reached by making a deduction for 
waste in the usual manner ; and the result therefore rather rep- 
resents the pounds of cotton in the cloth than the actual weight 
of cloth itself. This product is divided as follows : — 

Exported, 929,490,000 lbs. 

Home consumption, 165,000,000 lbs. 

The home consumption, therefore, appears to be six pounds 
per head of the population of 32,737,405, or about one-half 
the ratio of the consumption in this country. 

The spindles upon the continent of Europe in 1875 numbered 
20,800,000. 

Consumption of cotton, 945,000,000 lbs. 

Pounds per spindle, 45^^ lbs. 

The destination of the goods made upon the Continent cannot 
be ascertained. The destination of the goods exported from 
Great Britain is made up with great accuracy from the board of 
trade returns in yards of cloth and pounds of yarn. 

The yarn exported amounted to 215,500,000 pounds of which 
sixty per cent, went to the continent of Europe, forty per cent, 
to the East. 

2 



10 



The total export of piece goods in 1875 amounted to 714,- 
000,000 pounds, 3,559,900,000 yards, or about double our 
whole production. How much sour flour, plaster of Paris, 
China clay, epsom salts, etc., etc., was also in the cloth, depo- 
nent saith not. There is a good deal of evidence to prove that 
from 110 to 120 pounds of cloth are exported for each 100 
pounds of cotton used, as will more fully appear hereafter. 
The pounds given in the foregoing statement appear to give the 
net weight of actual cotton in the cloth. These goods were 
sent to the following countries, the figures representing millions 
and decimals of a million. 



Germany and Holland, . 


115.9 




Portugal, Azores and Madeira, 


70.6 




Gibraltar and Malta, 


41.7 




Italy and Austria, .... 


101.7 




Turkey, Syria and Egypt, 


356.2 


686.100,000 yds. 






West and South Africa, 




38.400,000 


East Indies, ....... 


. 1,231.4 




China, 


. 436. 




Java and Philippines, . 


90.6 




Australia, 


46.3 









1,804.300,000 


British North America, . 


48.2 




West Indies and Central America, 


195.9 




Brazil, 


196.8 




Other South American States, 


115.1 


556.000,000 






United States, . . 




79.800,000 


All other countries, . 




395.300,000 



Total, 



3,559.900,000 yds/ 



It will thus appear that Great Britain supplies South arid 
Central America and the West Indies with cotton fabrics equal 
to one-third of our whole production in the United States, and 



* Yards exported, \ 3,559,900,000 

Yarn converted into cloth, at ratio of 4 yards to the pound, 215,500,000 

pounds, . . . 862,000,000 

Home consumption, assumed to be heavier cloth, say . .. . . 557,500,000 

Estimated product, yards, 4,978,400,000 



11 

the total export of British cottons as compared to our export 
in 1875, was 3,559,900,000 yards against 50,000,000 yards, or 
about that. Where we exported one yard, Great Britain ex- 
ported over seventy yards. Bear in mind that I have said that 
if we could now export five yards in 1876 and 1877 where we 
sent one yard in 1875, all our spindles would be profitably em- 
ployed, and we are now about half way to that point. That is 
to say, if we can secure an export equal to one-fourteenth that 
of Great Britain, our immediate prosperity as cotton spinners 
may be assured. If we can supply only one-half the cloth now 
taken from Great Britain by North and South American States, 
every spindle would probably be required that we now have. 

Is this same worth the candle ? If we were owners of the 
factories that we represent, and not simply employes, I think 
the measures for securing a share of this great trade would be 
more speedily taken ; one of the great causes of delay in this 
matter lies in the corporation system, and in the difficulty of 
procuring concentration for any given purpose a little outside 
the regular routine of business. 

It now behooves us to consider the conditions under and by 
which this enormous traffic has been secured by England. 

The elements of the cost of cotton fabrics consist of, — 

First. Cotton. 

Second. Labor. 

Third. Power and supplies. 

Fourth. Interest and depreciation. 

Fifth. Taxation. 

Never having been abroad, I cannot treat these questions 
from personal observation, but only from information, and I 
earnestly desire that those of you who can correct my deduc- 
tions, from facts within your own knowledge, will do so. 

First. — Cotton. In this respect we have the advantage; 
our advantage becomes relatively greater as the price of cotton 
declines, and as cotton takes more and more the inland route 
from the field to the market. The ratio of ocean freight to 
price is greatest on the lowest price, and as New York becomes 
more and more the point from which cotton is exported and 
where the price is established, we obtain a better relative posi- 
tion. As far as I can ascertain, the Lancashire spinner pays a 



12 

little more than one cent a pound higher price at any given 
date, for American cotton, than the spinner in Khode Island or 
Massachusetts. Our advantage appears to be about equal to 
one cent on the pound of cloth of coarse or medium number. 
This advantage it is fit to consider in its relation to our sup- 
posed disadvantages, — for instance, as to labor. If we assume 
that we can make a No. 14 drill or sheeting at a cost of three 
and one-half cents per pound of cloth for the labor of manufact- 
uring, — say for carding, spinning, sizing, weaving, and even 
if we add one-half cent for cloth room, yard and watch, and 
superintendence, — or four cents for all labor, then one cent 
advantage in cotton would offset twenty-five per cent, disadvant- 
age in labor. If we take a No. 22 yarn, three and one-half 
yards to the pound, 36-inch cloth, and assume .that the labor is 
six to seven cents, then our advantage on cotton is equal to 
fourteen or sixteen per cent., and on a No. 28 or 30 yarn it 
will be 12 to 13 per cent. If we make our goods for less than 
the above cost of labor, as many do, then the advantage be- 
comes 15 to 30 per cent., according to the number. I may 
overestimate this difference in some degree ; but even if it is 
only half a cent per pound, it is an important factor in its pro- 
portion to labor and wages. 

But the ocean freight and charges give us another chance as 
to Canada, and ought to give us an advantage in Central and 
South America. Our cotton goods cannot be laid down in 
England at a less cost than four per cent, on the gross value 
for freight, insurance, and other absolutely necessary charges ; 
hence it is to be assumed that English goods are subject to very 
similar charges when sent to this continent. If we assume 
three per cent, on the gross value, it will be equal to ten to 
fifteen per cent, upon the labor. It would, therefore, appear 
to be very sure that we shall take and hold the trade of British 
North America, except so far as their own mills supply them ; 
and it would seem that we ought to have an advantage in our 
nearness to the West Indies, to Mexico, and to the Central 
American states, but before we can enter in any large way into 
the trade with our nearest southern neighbors I fear we must 
compass many changes. 

In regard to cotton, it is true that England imports largely 
from India, but not to any great extent for her own consump- 



13 

tion. By far the larger portion of the India cotton imported 
into Great Britain is re-exported to the continent to be spun, 
where the yarn is coarser and labor more abundant. It also 
appears from samples of India cotton which our friend Mr. 
Nourse imported a short time since, that our low grades are not 
only relatively but absolutely much cheaper here than Surats 
are in Liverpool. 

Egypt is our only rival, and as yet her competition is not 
great, but under an English protectorate or rule it might 
become important. 

Second. — Labor. If the power to make cotton goods at low 
cost depended absolutely upon low rates of wages to the oper- 
atives, we should not now be considering the competition of 
Great Britain, but of Germany, Belgium, Holland, Russia, and 
perhaps France, in all of which countries the rates of wages are 
lower than in Great Britain ; but every man is aware, from his 
own experience, that it is not the operative that is paid the 
lowest wages who makes the cheapest and best cloth, but 
oftener the one who earns the highest. It is intelligence, skill, 
and adaptation of means to ends that compass low cost of 
production, even at high wages. Are we at a disadvantage in 
these respects ? This is a question which I shall not assume to 
answer ; it is for you to determine. From all the data that 
I have been able to obtain, I believe that the wages of picker- 
tenders, carders and spinners are somewhat lower in Great 
Britain, but that weavers earn as much as with us in money and 
can now buy a good deal more for their money ; that the great- 
est difference in favor of Great Britain is in the lower wasres of 
mechanics, overseers and second-hands ; but that, on the whole, 
the difference in the cost of labor on the pound of cloth is not as 
great as it has been represented ; that the alleged pauper labor 
is a myth and delusion, and that when we can get to a specie 
basis we may secure as low a cost for labor in the cloth under 
rates of wages that will give the operative a great deal more for 
the money than can be obtained for it in England. I hope 
those of you who have made personal observation in England 
upon this question will give the facts. I have here specimens 
of yarn and cloth obtained by Mr. N. W. Farwell, owner of 
the Lisbon Mill, from a mill in Blackburn, Eng., in June last. 



14 

After questioning the superintendent, and obtaining the rates 
of wages, his conclusion was, that his cost of manufacture in 
Maine was less than at the mill in Blackburn. Weavers were 
then and there earning sixty to seventy cents per day, in gold, 
tending two looms, on this cloth. At any rate, is it not true 
that our advantage in the first cost of cotton may enable us to 
pay a higher rate of wages and yet compete with England in 
Canada, Mexico and Central America, and perhaps elsewhere?* 

Third. — Power and Supplies. The mills in Great Britain 
are mostly run by steam, and the cost of power has been greatly 
increased by the rise in the cost of coal ; there can be no doubt 
that our mills, now established on water-power, the cost of 
which has long since been charged off to profit and loss, can be 
run at less cost for power than any steam-mill whatever. 

In the matter of supplies, we are now exporters of leather to 
Great Britain, and we have a small advantage in that. Our gas 
has been dearer, but the introduction of oil-gas works is remov- 
ing that difference. Our oil costs no more. We use starch, 
and In this we cannot make an accurate comparison, because our 
system of sizing is so different. If we adopted flour and plaster 
of Paris we should have a cheaper supply, since the flour used 
in England is largely shipped from here, and the so-called 
"terra alba" with which the English goods are so much 
weighted, is obtained mostly from Halifax. In the use of iron 
and steel we have been at a great disadvantage, but that differ- 
ence has been removed, and the day does not seem to be far 
distant when we shall be very large exporters of iron and steel. 

Fourth. — Interest and Depreciation. The rate of in- 
terest is doubtless somewhat higher in this country than 
in Great Britain, but this difference has been exaggerated, 
and rates are now becoming more equal. The railroad mania 
has passed by, and Eastern capital will probably be much 
more concentrated at home than it has been heretofore, and 
rates may be permanently lower. The item of depreciation 
is greater with us, because our plant stands at a higher cost, but 
we are now considering the present time as a point for a new 
departure. Our high-cost mills, built at inflated prices, are 
coming or have come down to hard-pan : the process is an 



15 

unpleasant one for owners, but it will place us in a far better 
position for future competition with foreign mills.* 

Fifth. — We now come to the cause of our chief disadvantage, 
Taxation ; to which must be added the malign effect of our 
vicious currency, the most subtle and insidious mode of impos- 
ing the most pernicious tax. It is impossible to make our 
goods except on a currency basis or to export them except on 
a gold basis ; the value of our false money has fluctuated from 
five to ten per cent, in each year for the last six years. In this 
removable iniquity is to be found the chief barrier to our pros- 
perity. 

England not only exempts all the materials used in the mills 
from tariff taxation, but machinery is exempt from local taxa- 

* It is doubtless true that the rate of interest upon short commercial paper has been 
lower in London than in New York, especially since we have suffered from the higher 
average rate of interest that always ensues from the use of bad money, but the rate upon 
permanent loans for industrial purposes is seldom less than five per cent., and now 
oftener six per cent., in England. I hold in my hand a copy of the " Oldham Chronicle " 
of March 25, 1876, in which I find, under the head of " Money Wanted," eighteen adver- 
tisements of cotton-spinning companies offering five per cent, per annum, and twenty 
offering six per cent. 

A marked feature in cotton-spinning in England is the number of so-called coopera- 
tive companies. If I understand the method, these companies are formed as corpora- 
tions with two kinds of capital, the share-capital at a fixed sum as in our corporations, 
and the loan-capital secured by mortgage which may vary in amount within certain 
limits and which is payable on demand. It is for this description of capital that the 
advertisements call. The plan appears to work well at present, and many of these mills 
have been very profitable; but I cannot resist the impression that it is a plan that will 
sooner or later lead to a great catastrophe, and that at no very distant date. The par 
of the shares in .these mills is fixed at a small sum, and large numbers of them have 
been built by operatives from their earnings, and these advertisements for money appear 
to make the cotton-spinning companies banks of deposit, the money being used in the 
business instead of being lent. 

Here is one of the advertisements : — 

"Six Per Cent, eor Loan Money.— To co-operative societies, sick and funeral 
societies, capitalists and others : The Livingstone Spinning Company — limited — are now 
prepared to receive loans at six per cent, interest. The mill is fire-proof, and the prem- 
ises are freehold. Office hours, &c. Wm. Lee Bower, Manager." 

Most of these advertisements read, " Interest from date of deposit to date of with- 
drawal." 

In almost all these companies, the share-capital is only partially paid, and the stock- 
holders are liable for the remainder. 

We are considered rather a speculative people, but I cannot imagine a system that 
combines more dangers, or one more sure to lead to ultimate disaster, than one under 
which a mill is built, but not paid for, by its owners, with the remainder of the invest- 
ment and the working capital borrowed on call. 

Oldham is a town containing seven and a half million spindles. 



16 

tion ; every article used by the operative is free from tax, except 
spirits, beer and tobacco. Even sugar has lately been exempted. 
The land and buildings occupied are taxed, but the machinery 
is not. In place of a tax on the process such as we impose 
here, is substituted the income tax upon profits, which is a tax 
on results. Hence it follows that the cost of goods in England 
is reduced in this respect to the lowest possible point, while our 
mills and machinery are taxed, not only once, but in many cases 
twice, and, if mortgaged, three times on the same property. I 
will not enter deeply into this subject ; but you will bear in 
mind that the wages you pay your operative, consist not of the 
money, but of what they can buy with the money, and the tariff 
tax which enters into the silk ribbon, the wool in the worsted 
dress, or in the woollen coat worn by your operative, or which 
is imposed upon the Canadian butter, cheese, grain and meat 
which they consume, forms as much a part of the cost of your 
cotton cloth as the cotton itself, or the local tax which is assessed 
upon your machinery. 

Another vast advantage which Great Britain and several other 
European countries have over us, is in the absence of all naviga- 
tion laws and the exemption of ships from local taxation. 

England invites the commerce which we repel, and her flag 
floats in every harbor of the world, carrying her goods to the 
most remote countries. We maintain our restrictive statutes ; 
we forbid free ships, and have reached the inevitable result ; we 
have saved our laws and lost our shipping. 

All subsidies and bounties have either been withdrawn or 
voluntarily surrendered in Great Britain, and all restrictions 
removed, and with every step her shipping has increased. 
Ships are exempt from taxation, and all the tea, coffee, spirits 
and wines used on board are taken from bonded warehouses 
free of duty. I am delighted to see that our Boston represent- 
ative, Hon. K. S. Frost, has just introduced a bill to give our 
own ships a similar right. This is one step toward the resto- 
ration of our shipping to its right place. 

If you desire to witness for yourselves the care with which a 
paternal government protects your business from harm, walk 
down this afternoon to the end of Lewis Wharf; there you 
will find a noble steamer, owned by almost the only great mer- 
chant we have left in Boston ; she is the second of a proposed 



17 

line of steamers from Boston to Chile, the first being now on 
her voyage. She is being loaded with cotton fabrics, machinery, 
hardware and farm products, which she will carry to Chile for 
sale. 

She is owned in America, sails from Boston, and carries our 
goods and wares to those who need them ; but she is under the 
flag of Great Britain, and commanded by an English captain. 
Why? Because the laws of the United States class that ship 
with obscene books, and forbid any citizen to own or to acknowl- 
edge its ownership. Though it is doing for us the same work 
that our horses and carts do, — carrying our goods to the con- 
sumer, — it must not be owned or sailed under our flag. 

But our careful government further promotes our interest. 
This ship may possibly bring to Boston a cargo of nitrate of 
soda to manure our sterile soil with, but the copper ore of Chile 
is taxed so high as to be prohibited ; hence the copper works 
at Point Shirley are closed, and the workmen discharged. The 
ship may not get a return cargo to Boston, and must then take 
copper ore and coarse wool to England, to give employment 
to English workmen ; and then get back here, if she can afford 
to come, to take on board another cargo for South America. 
But even this may not be possible, if money only must be 
demanded for these goods, — if we refuse the copper ore and 
the wool of Chile and demand money, — the exchange on Lon- 
don is twelve and a half to fifteen per cent, against the traffic, 
and it may not be possible to continue it. 

I have submitted these proof-sheets to one of the owners of 
that steamer, Mr. T. Quincy Browne, himself a skilful woollen 
manufacturer, in order that I might make no error in my state- 
ment, and he confirms my statement. 

The first steamer of the line will return to Boston ; but a part 
of her cargo must be transferred to an English steamer in bond, 
at this port, and be sent to England for a market. 

Bear in mind that Chile bought from Great Britain, in 1874, 
over. 55, 000, 000 yards of cotton goods, more than our whole 
export, yet she is one of the smallest customers we might have 
if we were permitted. 

I have said that we have saved our navigation acts and have 
lost our shipping. In 1860, 71 per cent, of the tonnage enter- 
ing our ports was under the flag of the United States, and 29 
3 



18 

per cent, under that of other nations. In 1873, only 29 per 
cent, was under our own flag, and 71 per cent, was foreign. 

I cannot give the rates of the tonnage entering British ports 
at these two periods ; but this is certain : the proportion of 
British shipping has increased with every step in the removal 
of restrictions, and in 1875 two-thirds the tonnage that entered 
British ports was under her own flag. 

But, gentlemen, the ability to export cotton fabrics, or any 
other goods, in competition with Great Britain, does not depend 
entirely upon relative cost, although that is one great element 
in the problem. The free buyer may be a free seller, even if 
his goods cost more and are at a higher price than those of his 
neighbor who tries to sell, but refuses to buy. For instance, we 
could use Mestiza wool in large quantity, and could pay for it 
in cotton goods, if we could buy it, but our excessive duty on 
wool has almost stopped the trade. England takes the wool, 
and pays for it in goods. It is useless to expect to ship goods 
to Buenos Ayres to the growers of Mestiza wool and ask 
money for the goods ; they cannot pay money even if the price 
is lower than that of English goods, because they have it not — 
their only money is paper money of the most depreciated kind. 
Hence, so far as we shut wool out we shut our cotton goods in. 
But, it will be said, the less Mestiza wool we have, the more 
home-grown wool we consume, and we sell more of our goods 
to the home producer of wool. The only fault in this answer, 
is, that it is not true. The home producer of wool has always 
obtained the highest price, and has raised proportionately the 
largest quantity, when foreign wool has been free of duty, and 
he is now taking the lowest prices and buying the least quantity 
of our cotton cloth when the duty is the highest ever imposed. 
Again, we are looking hopefully toward regaining the export of 
cotton goods to Chile, which we once enjoyed ; but the attempt 
would be far more likely to succeed if we would again buy Chile 
copper ore, even if it only served for ballast. But we exclude 
it, and hence we have rendered our export more difficult. It 
is seldom considered that all commerce is barter trade, in which 
only a little money is used to settle balances, and there can be 
no barter unless there are two parties to it. Our whole policy 
is to make the terms of the barter uneven, and hence the world 



19 

passes by us and leaves us to deal with our surplus in our own 
way. 

Let it not be forgotten that our increasing export of 1858, 
1859 and 1860 took place under the lowest tariff we have had 
since I have known anything about the subject. 

I do not refer to this matter for the purpose of raising a 
discussion, but it must be obvious to all that we must now 
choose between the two systems of tariff legislation. If we 
are to be and to remain content with the home market, then 
those who believe the true method of retaining it to be by 
means of a high tariff will adhere to that policy ; while those 
who desire to share the markets of the world must join in 
removing the obstructions that stand in the way, and call for 
a moderate tariff for revenue only. 

All commerce is an exchange of services, whether it takes 
place between individuals or nations ; each buys what is wanted 
and sells what can be spared ; each gains in the transaction, 
else the commerce ceases. At present our export consists 
mainly of crude products, commonly called raw materials which 
other nations are compelled to buy whether the}' pay in money 
or goods. Beyond this necessary export we are limited by our 
willingness to buy. If by means of high duties we make im- 
ports difficult or impossible, we place the same obstacle in the 
way of exports. If we shut others out we shut ourselves in. 
Under our present system our foreign customers take from us 
only what they are obliged to take ; but if the obstacle were 
removed they would take far more, since, as I have said, and 
you all know, he who buys freely must sell freely. This rule 
applies with the greatest force to semi-barbarous or ill-governed 
states who have little or no money, and whose products are 
sold in a crude state. 

But, it will be said, Are we not re-establishing our export in 
spite of all our alleged or assumed disadvantage ? It is true 
that we are, but the difficulties are very great. TTe have few 
merchants in our own country who have any experience in the 
business, and the whole machinery has to be organized from the 
foundation. 

The most profitable part of our export is still to China and 
Africa, and consists of heavy drills and sheetings. The most 
encouraging feature in this trade has been that our goods have 



20 

become re-established because of their purity. I now present 
you some samples of English cottons made for export, which 
lose 33 per cent, of their weight in the first washing, and some 
samples of American drills, made in Lowell, which lose only 
four per cent, in the first washing. 

As our export of heavy good's seemed but an insufficient re- 
lief, and did not give us an outlet for our excess of No. 30 to 33 
bleached goods, it occurred to me last spring to procure from 
England a sample of the best English shirting made and used for 
home consumption, and as our friend Edward H. Brigham passed 
through England on his way to put up a cotton mill in Calcutta, 
I asked him to buy in London and send to me a few yards of 
such fabric. Here is the sample he sent me : it is an honest and 
well-made cloth, about equal to Wamsutta goods ; but the retail 
price in London was then 70 cents per pound, while the retail 
price of Wamsutta goods at that time was not quite fifty cents 
a pound ; there was an apparent margin of forty per cent. I 
was much surprised, and sent a duplicate order, with the same 
result. Upon this exhibit we shipped in June about forty cases 
and bales of brown and bleached cottons of the various makes 
represented in our office. It was not our expectation to sell 
our medium unbleached goods for English consumption ; but we 
thought we should attract the attention of the merchants of 
London, men of all nations, to our surplus. In fact the first 
move was an advertisement, and such it might have remained, 
had not the matter attracted the attention of H. B. Claflin & 
Co., and to their enterprise is mainly due the sale of several 
thousand packages of our brown and bleached cotton in England 
for English uses. In the table appended hereto you will see 
that in the eight months ending February 29, our exports to 
England amounted to over $1,000,000 in value. Not much, it 
is true, but a very good beginning. My own expectation has 
been, and still is, that only our best bleached cottons will obtain 
a permanent hold upon the English home market ; they require 
to be made of high-grade American cotton, in the purchase of 
which we have an advantage ; our bleach is whiter, owing to 
the purity and softness of our water, and I think bleaching 
costs less here, since it has become a monopoly in England, 
owing to measures taken to preserve rivers from pollution. 
We may also maintain our hold upon the English market for 



21 

some of our best medium brown goods, like the Continental 
and Nashua makes. 

I am informed that the general consumption of England con- 
sists more of unbleached than bleached goods, and from the best 
evidence to be obtained there is no brown cotton sold in 
England that is not sized at least 16 per cent. ; 100 pounds 
cloth to 100 pounds cotton is the best standard. I have sent 
for samples of the very best domestics, which I now present to 
you. You will find the washed sample attached to each, and the 
statement of the weight. The prices given me at the time these 
samples were sent over would have yielded a small profit on our 
cost, if this class of goods had been introduced and could have 
been sold at the same rates. I hope the exact facts may be given 
to-day as to the sales of printing cloths in England, in which 
enterprise I have not had great confidence, as it seems to me 
that only our most substantial goods are the ones that will be 
taken ; though the shipment of print cloths may be of great 
present service.* A small sale of goods in Europe may serve a 
great purpose, because the trade of all nations has its representa- 
tives in London and Paris. The direction in which we should 
look for a market for our No. 30 to 33 fabrics is in the East. 
One of the very largest articles of export from England to 
China and India is the gold-end and red-end shirting. Here it 
is. It is 39 inches wide, brown, or 36 inches wide, bleached; 
371 yards, 8\ pounds per piece; 64X60 or thereabout, and 
No. 30 yarn. It is the fabric that could be made most easily in 
the class of mills that is now suffering most from our present 
depression. These goods, again, have been so much adulterated 
in England as to cause a great outcry against them in the East ; 
but I am informed that while stocks of this class have accumu- 
lated, and the trade has become unprofitable on most kinds, 
certain English spinners who have kept their standard even and 
true, have kept their goods sold up close to production, and 
have still a steady and profitable demand. 

In general, I think it may be said that the advertisement in 
Manchester has brought fruit, and that from that has grown the 
inquiry and the beginning of a demand from Australia, New 

* The shipment to England from Fall River, in the week ending April 22, was equal 
to 35,000 pieces of 45 j 7 ards each, or about 25 per cent, of the maximum product of all 
the mills in Fall River. 



22 

Zealand, Japan, Portugal, Cape of Good Hope, Smyrna, and 
many other places, to which we have not sent cotton goods 
before, and I think it may be fairly expected that when our 
quality has been tested, and we learn the right mode of packing, 
stamping, etc., we shall steadily increase our shipments.* 

The consumption of cotton goods in France is very great, 
and as we had succeeded in a moderate way in England, I sent 
to Paris a few weeks since and procured samples and retail 
prices of the goods of France, which I now present to you. 
These prices show a margin of twenty-five to fifty per cent, 
above ours. You will observe a very great variation in the 
quality ; some are very poor, but most of them are of excellent 
quality. The brown goods lose fourteen to seventeen per cent, 
in washing, while the bleached goods appear to be loaded very 
little. I am informed that some of our American goods have 
gone into France from England, but at present we can enjoy 
no direct traffic. France has two tariffs, one of which, the 
"Tarif Conventionnel," applies to nations with which she has 
negotiated treaties of commerce ; it includes most civilized 
nations, but does not include us, as we have no such treaty. 
Under it, England sells France about $15,000,000 worth of 
cottons a year, paying a duty thereon of ten to twenty per cent. 
The other tariff, called "Tarif Generale," applies to us: under 
it, our cotton, salt meat, raw hides, etc., are admitted, but our 
cotton goods and many other wares are prohibited. It is in 
part owing to this that we pay France $30,000,000 in gold each 
year for wines and silks, which we might pay in goods and 
wares of many kinds. Attention has been called to the matter, 
and it has been taken up by Minister Washburne, and I am 
happy to say that there is a prospect that we may soon be 
placed on the same footing as the most favored, in place of the 
least favored, among civilized nations. 

Keciprocity treaties with Mexico and Canada, and a com- 
mercial treaty with France, are the most desirable measures 
to be pressed at this moment by the members of this Asso- 
ciation. If we had sufficient means, or if a combination of 
owners could be formed, it would be extremely desirable that 
competent agents should be sent to South and Central America 

* I am credibly informed that some of our brown cottons sold in Manchester have 
been suitably finished and packed and then shipped to South America. 



m 

and to Mexico to obtain exact information in regard to the 
goods required there, of which we yet know but very little. 

Trial shipments of fine bleached cottons have been made to 
the East, and some satisfactory returns have been received, 
but I think we have not yet sufficient knowledge of the finish 
required or of the mode of packing. You will observe that 
almost all goods sold in the East are sold by the piece, and 
must be packed in even lengths. 

But perhaps the true place to learn all the details of the 
export trade is in Great Britain, and already measures have 
been taken to establish agencies in Manchester, and several 
representatives of our large houses are now there or about to 
go there, while the Centennial Exhibition will doubtless call 
the attention of merchants from many lands to our fabrics here. 

I can only close by expressing my profound conviction that 
we have only failed to take our true position in the export of 
cotton fabrics from our distrust of our own ability to engage 
in it ; that its development, while it may not be rapid, is per- 
fectly sure, and that we may perhaps be startled ourselves 
within a few months at the effect which it may have upon 
our prosperity. 

Through the courtesy of Dr. Edward Young, I am enabled to 
give the following statement : — 



24 



Cotton Goods exported from the United States during Eight Months 
ended February 29, 1876. 





Colored. 


Uncolored. 


03 r£ 

a c 


EXPORTED TO— 










<2 o, (S 




Yards. 


Value. 


Yards. 


Value. 


i © « 


Argentine Republic, . 


• 




134,420 


$27,631 


$3,714 


Belgium, 


- 


- 


- 


- 


16,904 


Brazil, 


1,714,716 


$206,780 


1,514,150 


172,752 


10,464 


Central Amer. States, . 


49,525 


5,155 


35,680 


3,554 


5,238 


Chile, .... 


240,281 


22,315 


3,591,979 


329,240 


2,024 


China, ..... 


- 


- 


4,454,896 


429,137 


4,149 


Germany, . 


194,894 


17,061 


45,422 


11,907 


5,722 


England, 


400,041 


31,434 


10,701,351 


1,007,067 


42,581 


Scotland, 


- 


- 


12,200 


2,359 


8,878 


Nova Scotia, etc.,* 


101,320 


11,870 


454,845 


87,449 


210,394 


Quebec, etc.,* 


5,900 


747 


36,223 


3,679 


124,783 


Newfoundland, . 


- 


- 


35,837 


5,151 


3,684 


British West Indies, . 


93,220 


12,156 


584,060 


58,728 


4,767 


" East Indies, 


- 


- 


519,682 


44,550 


- 


" Hong Kong, . 


- 


- 


297,701 


34,332 


97 


" Poss. in Africa, 


108,772 


8,152 


205,625 


15,493 


2,944 


Hayti, .... 


570,542 


95,357 


607,250 


95,273 


1,988 


Mexico, 


737,701 


69,822 


1,548,394 


150,052 


43,100 


Netherlands, 


- 


- 


135,744 


19,000 


- 


Peru 


341,722 


35,513 


96,641 


10,893 


1,333 


Azores, Madeira, etc., 


16,301 


1,019 


259,525 


22,999 


300 


San Domingo, 


84,069 


13,058 


81,114 


11,239 


321 


Sandwich Islands, 


42,849 


4,375 


34,494 


8,175 


12,687 


Cuba, .... 


4,062 


685 


50,969 


13,494 


13,250 


Turkey in Asia, . 


328,356 


34,546 


552,213 


54,913 


50 


U. S. Colombia, . 


206,168 


18,916 


203,912 


28,990 


8,806 


Venezuela, . 


199,425 


18,527 


611,194 


65,657 


5,523 


All other countries in 












Africa, not specified, 


- 


- 


5,800,504 


476,260 


- 


Other countries, not 












specified, . 


82,332 


9,044 


320,415 


42,957 


39,925 


Totals, . 


5,522,196 


$616,532 


32,926,440 


$3,232,931 


$573,626 


Colored, 


5,522,1 


)6 yards ; 


value, 


. $616 


,532 


Uncolored, . 


32,926,4- 


10 " 


" 


. 3,232 


,931 


Not specified, 


38,448,6; 


36 " 


Total value 


. 573 


,626 




, • $4,423 


,089 



* Owing to defective arrangements for obtaining the statistics of our trade with Canada, these 
figures are probably too small. Dr. Young is endeavoring to procure legislation to perfect the 
system. According to Canadian statistics, their import of cottons from the United States was 
over $1,000,000 in value in the year 1875. I have made allowance for this error in my own esti- 
mates. [E. A. 



25 



Assuming that the yards of goods not specified are of the 
same average value of those listed, the aggregate of yards 
exported in the above period was 44,000,000 for eight months. 
The heaviest export was in the last two months, and no goods 
of any consequence were shipped to England in the first half of 
1875 ; my estimate of yards exported for the calendar year 1875, 
50,000,000 in all, is therefore very nearly correct. 

Since the foregoing statement was prepared, Mr. F. A. 
Leigh has kindly lent me a copy of the English Board of Trade 
Ee turns, just received by him, from which I have copied the 
following exact statement of British exports, to all points, for 
the year 1874 :— 



Annual Statement for the Year 1874. 
Cotton Manufactures Exported. 



Piece Goods, Plain. 


Yards. 




To Sweden and Norway, 


11,380,162 


£166,860 


Denmark, .... 




5,973,765 


101,611 


Germany, .... 




21,063,145 


428,084 


Holland, .... 




27,199,710 


508,315 


Belgium, .... 




3,228,969 


65,906 


France, .... 




80,575,661 


1,080,651 


Portugal, Azores and Madeira, 




49,586,779 


678,732 


Spain and Canaries, . 




4,586,370 


,82,918 


Italy, 




44,089,030 


597,294 


Austrian Territories, . 




9,947,400 


137,982 


Greece, 




21,269,000 


305,747 


Turkey Proper, . 




150,484,100 


2,116,946 


Wallaehia and Moldavia, . 




18,107,700 


270,525 


Egypt 




120,645,000 


1,545,288 


Tripoli and Tunis, 




4,731,800 


66,165 


Morocco, .... 




18,831,100 


288,230 


Western Africa (Foreign), 




4,739,760 


59,946 


Persia, .... 




1,444,300 


21.328 


Java, 




23,827,500 


444,107 


Philippine Islands, 




5,270,300 


85,335 


China, .... 




242,085.400 


3,026,245 


Japan, 




17,982,900 


217,828 


United States, Atlantic, 




44,649,250 


1,051,569 


Pacific, . 




662,900 


10,507 


Foreign West Indies, . 




26,907,020 


460,928 


Mexico, .... 




18,827,600 


271,940 


United States of Colombia (New 


Granada) , 


51,509,240 


736,552 


Venezuela, 




5,967,900 


93,207 


Peru, 




14,985,700 


213,906 


Chile 




35,606,390 


500,879 


Brazil, 




88,522,710 


1,301,655 


Uruguay, 




5,947,500 


99,382 


Argentine Republic, . 




24,245,300 


366,695 


Gibraltar, 




15,971,280 


230,554 


Malta, . . . 


14,721,800 


177,191 



26 





Yards. 




Western Africa (British), . 


16,385,430 


£228,478 


British Possessions in South Africa, . 


7,218,932 


142,271 


Mauritius, ... . 


5,2,56.800 


71,050 


Aden, . . . 


8,821,900 


117,833 


British India : Bombay and Scinde, . 


244,543,870 


2,822,975 


Madras, . 


38,991, 8< >0 


491,982 


Bengal and Burmah, . 


714,891,200 


8,298,250 


Straits Settlements, ..... 


93,140,620 


1,383,947 


Ceylon, ....... 


31,968,100 


. 450,733 


Hong-Kong, 


117,198,000 


1,552,146 


Australia, . 


22,558,600 


555,916 


British North America, .... 


19,516,630 


361,753 


British West India Islands and British 






Guiana, ....... 


18,608,120 


274,099 


British Honduras, 


2,858,500 


38,594 


Other countries, 


8,726,741 


140,549 




2,586,709,684 


£34,741,084 


Piece Goods, Printed. 


Yards. 




To Russia, 


2,028,500 


£78,903 


Sweden and Norway, 


8,385,115 


176,816 


Denmark, 


2,182,028 


53,733 


Germany, 


37,592,018 


1,017,300 


■ Holland, . . . ... 


29,887,409 


705,736 


Belgium, 


5,573,447 


105,589 


France, 


38,267,766 


979,392 


Portugal, Azores and Madeira, . 


22,226,686 


368,190 


Spain and Canaries, 


9,961,777 


188,608 


Italy,, .... ... 


26,961,210 


499,685 


Austrian Territories, ..... 


4,837,100 


96,149 


Greece, 


12,957,200 


245,410 


Turkey Proper, 


1 15,983,800 


2,167,928 


Wallachia and Moldavia, .... 


8,413,900 


145,785 


Egypt, 


13,104,500 


217,994 


Morocco, . 


4,467,700 


94,089 


Western Africa (Foreign), 


17,312,420 


301,044 


Java, 


15,191,200 


272,882 


Philippine Islands, 


5,914,400 


135,347 


China, 


16,341,100 


317,577 


Japan, ..... 


2,346,900 


56,864 


United States, Atlantic, .... 


56,086,090 


1,392,584 


Pacific, ..... 


1,670,000 


24,085 


Foreign West Indies, 


36,776,209 


665,302 


Mexico, . 


18,834,700 


317,077 


United States of Colombia (New Granada), 


54,467,100 


818,668. 


Venezuela 


10,635,500 


187,059 


Peru, . 


9,923,100 


170,168 


Chile, . . . . . 


20,136,330 


352,219 


Brazil, 


83,774,691 


1,623,562 


Uruguay, , 


7,480,410 


139,647 


Argentine Republic, 


15,855,100 


299,552 


Gibraltar, . .... 


16,254,673 


325,926 


Malta, 


2,134,900 


39,375 


Western Africa (British), .... 


16,582,260 


308.866 


British Possessions in South Africa, •. 


10,654,414 


264,287 


Mauritius, 


4,152,300 


73,854 



27 





Yards. 




Aden, 


1,034,400 


£19,966 


British India : Bombay and Scinde, . 


41.414,700 


689,397 


Madras, . 


9,944,400 


168,870 


Bengal and Burinah, . 


69,-212,200 


1,097,394 


Straits Settlements, 


15,120,700 


276,545 


Ceylon 


5,419.300 


112,491 


Hong-Kong, 


17,579,100 


403,999 


Australia, 


21,201,180 


552,340 


British North America, .... 


25,028,644 


525,757 


British West India Islands and British 






Guiana, 


24,001,650 


407,625 


British Honduras, 


1,914,500 


27,802 


Other countries, 


5,276,780 


92,568 




1,003,101,107 


£19,602,706 


Cotton Yarn and Twist 


Pounds. 




To Russia, 


4,428,610 


£344,431 


Sweden and Norway, . 




6,092,761 


321,793 


Denmark, 




3,325,508 


209,974 


Germany, . . . . ' 




37,031,108 


2,721,342 


Holland, 




40,456.943 


3,020,994 


Belgium, 




2,740,739 


208,762 


France, ..... 




9,681,957 


718,419 


Italy, . . ' . 




22.922,083 


1,163,631 


Austrian Territories, . 




3,823,500 


199,107 


Greece, ..... 




1,111,900 


58.282 


Turkey Proper, .... 




16,902,760 


893,428 


Wall achia- arid Moldavia, . 




4.739.540 


250.425 


Egvpt, 




2,310,000 


145,434 


China, 




1,039,500 


52,172 


Japan, ..... 




7,159,900 


350,774 


United States, Atlantic, 




50 J, 333 


70,619 


Pacific, 




4,500 


210 


British India : Bombay and Scinde, 




8,245,500 


576,486 


Madras, 




10,782.869 


784,101 


Bengal and Burmah, 




16,311,400 


1,140,172 


Straits Settlements, . 




2,385,130 


190,246 


Hong-Kong, .... 




14,148,300 


748,779 


Other countries, .... 




4,529,078 


347,814 




220,682,919 


£14,517,425 


Piece Goods of Mixed M'tteriils, — Cotton Pre- 






dominating. 


Yards. 




To Denmark, . ... 


616,062 


• £59,927 


Germany, 


231,100 


13,892 


Holland, . 


599,200 


29,049 


Belgium, ... ... 


5,334,300 


216,725 


France, .... . . 


347,490 


14,022 


Java, . . 


75,900 


4,310 


United States, Atlantic, .... 


2.260.580 


82,409 


Pacific, . . . . 


10,700 


558 


United States of Colombia (New Granada) , 


360.460 


15,307 


Brazil, 


487,920 


29,263 


Argentine Republic, . 


138,300 


6,999 


British Possessions iu South Africa, 




264,645 


10,611 



28 



British India : Bengal and Burmah, . 

Hong-Kong, 

Australia, 

British North America, .... 
Other countries, 


Yards. 

278,900 

59,100 

3,051,100 

1,829,960 

882,536 


£8,695 
3,052 
92,861 
56,490 
34,685 




16,828,253 


£678,855 


Recapitulation. 
Piece goods, plain, .... 2,586,709 
Piece goods, printed, .... 1,003,101 

Yarn and twist, 220,682 

Mixed goods, chiefly cotton, . . . 16,828 


,684 yards, 
,107 " 
,919 pounds, 
,253 yards, 


£34,741,084 

19,602,706 

14,517,425 

678,855 


Total, 


£69,540,070 



If we convert yarn and twist into goods of four yards to the 
pound (which would be heavier than the average of British 
exports), this export is equivalent to 4,489,370,720 yards, 
and the value in gold was over $337,000,000, or in our cur- 
rency, with gold at 114, over $385,000,000. 

In addition to the export of piece goods and yarn above 
stated, Great Britain exported in 1874, — 



Cotton, lace and netting, 

Hosiery, 

Thread for sewing, . 

Cotton manufactures, not specified, . 



£1,108,066 

986,953 

1,590,309 

1,022,227 



£4,707,555 



Which sum, added to the value of the cloth and yarn, made 
the total export over $360,000,000 in gold value, or over 
$410,000,000 in our currency. 

It is impossible to ascertain the average value per pound of 
cloth and yarn in the above export, because of the common 
practice of loading the export goods with starch, terra alba, 
etc., but we can approximate thereto. The consumption of 
cotton in Great Britain in the year 1874, was 1,266,000,000 
pounds, costing £40,200,000, of which fifteen per cent, went 
into goods for home use, and eighty-five per cent, into goods 
for export, on the rule of deducting one-sixth for waste. The 



29 

pounds and cost of the cotton in the goods exported are, there- 
fore, respectively, 1,076,100,000 pounds, £34,170,000. The 
export, therefore, represents a value of 33-j^j- cents .per pound, 
gold, or 38-j-Yo cents per pound, currency, on the gross pound 
of cotton consumed. 

The average value of the plain piece goods per yard exported 
was, in gold, 6J cents, in currency, 7 t 4 q°o cents ; of the colored 
goods, gold, 9J cents, currency, 10 t 8 5 3 q cents, and of the yarn, 
gold, 32 cents, currency, 36| cents. 

These prices may be doubted, because they seem very high, 
but they are taken from the official statement, which is prepared 
with the utmost care, and is considered to be conclusive. 

This exhibit makes my case even stronger than I have stated 
it in the foregoing pages. 

I have said that if we could export one-fourteenth as much 
as Great Britain all our spindles would be profitably em- 
ployed ; but it appears by this table that one twenty-fifth the 
export of Great Britain would amount to over $15,000,000, 
and that would probably relieve our market of its entire over- 
stock, and of its alleged over-production. 

But it is useless to follow the matter further ; more figures 
will only confuse your minds, and I am sure I have exhausted 
your patience, if I have not exhausted the subject. 



LIBRARY OF CONGRESS A 

llllllilllllllllllllfillllll* 

lO 021 048 368 8 




